Daijiworld Media Network - Washington
Washington, Nov 14: Indian American technology executive Arvind Krishna has been re-elected to the board of directors of the Federal Reserve Bank of New York for a fresh three-year term extending until December 2029.
Krishna, chairman, president and chief executive officer of IBM, will continue as a Class B director, a position representing public interests, the New York Fed announced on Friday (local time).
He was elected by member banks belonging to Group 3 of the Second Federal Reserve District, which comprises smaller banks. His new term will run until December 31, 2029.
Krishna has been serving on the New York Fed board since 2022, when he was elected to complete an unexpired term. He was re-elected in 2023 for a term ending this year.
The latest election ensures that the IIT Kanpur graduate will continue on a board that provides the regional Reserve Bank with perspectives from outside the central banking system, including business and other sectors of the economy.
According to the New York Fed, Class B directors represent the public, taking into consideration the interests of agriculture, commerce, industry, services, labour and consumers.
The New York Fed's board is separate from the Federal Reserve Board of Governors in Washington. Krishna's position on the regional bank's board does not make him a member of the Federal Open Market Committee (FOMC), which determines US monetary policy.
Krishna became IBM's chief executive in April 2020. During his career spanning more than three decades at the company, he has held several senior positions in research, cloud computing and software.
Before taking over as CEO, he served as senior vice-president for cloud and cognitive software, where he led the development of IBM's hybrid cloud business. He also headed IBM Research, overseeing work in areas such as artificial intelligence, quantum computing and cloud services, the New York Fed said.
Krishna holds an undergraduate degree from the Indian Institute of Technology, Kanpur, and a doctorate from the University of Illinois Urbana-Champaign.
He also serves on the boards of Northrop Grumman and the US-India Strategic Partnership Forum.
Each of the 12 regional Federal Reserve Banks has a nine-member board of directors divided into three categories. Class A directors represent member banks, while Class B and Class C directors represent public interests.
The regional bank boards provide insights into economic conditions in their respective districts. The president of the New York Fed, separately from the board of directors, is a permanent voting member of the Federal Open Market Committee.